Phreesia Inc. (PHR) PT Raised to $33 at Piper Sandler as 'Internal Investments Start To Pay Off'

Piper Sandler analyst Jessica Tassan raised the price target on Phreesia Inc. (NYSE: PHR) to $33.00 (from $31.00) while maintaining a Overweight rating.

The analyst commented: "FY26 EBITDA Inflects As Internal Investments Start To Pay Off; Capital allocation, strategic agility and execution are the building blocks of durable, profitable growth in the public market. For PHR, these are core competencies. Our investor meetings with PHR CEO Chaim Indig and CFO Balaji Ghandi last week affirmed our confidence in sustained, double-digit revenue growth at high incremental margins. Between FY22-FY25, PHR invested an estimated $362.6M internally, in itself. In FY26, we expect adjusted EBITDA to inflect as that organic investment begins to pay off. Reiterate OW. Separately, our PT moves to $33, as passage of time reduces DCF discount factor.

We think capital allocation, strategic agility and execution will drive durable, profitable growth that approaches "Rule of 40." Execution against FY26 guidance will validate PHR's approach to capital allocation and earn investor trust, concurrent with accelerating FCF generation."

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